PSi Technologies Issues Announcement Pursuant to Nasdaq Marketplace Rule 4350(b)
20 Luglio 2007 - 10:05PM
PR Newswire (US)
MANILA, Philippines, July 20 /PRNewswire-FirstCall/ -- PSi
Technologies Holdings, Inc., (NASDAQ:PSIT), a leading independent
provider of assembly and test services for the power semiconductor
market, today announced that its financial statements for the year
ended December 31, 2006, contained in its Annual Report on Form
20-F for the year ended December 31, 2006, as filed with the
Securities and Exchange Commission on July 16, 2007, included an
audit report containing a going concern statement from its
independent public accounting firm. This announcement is being made
in compliance with Nasdaq Marketplace Rule 4350(b)(i)(B), which
requires separate disclosure of receipt of an audit opinion that
contains a going concern qualification. This announcement does not
represent any change or amendment to the Company's 2006 financial
statements or its Annual Report on Form 20-F. Additionally, in its
Annual Report on Form 20-F for the year ended December 31, 2006, as
filed with the Securities and Exchange Commission on July 16, 2007,
the Company disclosed that its Board of Directors determined that
as of May 31, 2007, it did not have an audit committee of at least
three members. As a foreign private issuer, the Company may follow
its home country practices regarding corporate governance in lieu
of the corporate governance requirements of Nasdaq. Under
Philippine law, the Company is not required to have an audit
committee, and therefore, is not required to have at least three
members on its Audit Committee. In accordance with Nasdaq
Marketplace Rule 4350(a)(1), the Company's Philippine counsel has
issued a written statement to Nasdaq certifying that its corporate
governance practices are not prohibited by, and are consistent
with, Philippine law and practice. The Company expects to identify
a third member of its Audit Committee in the near future that will
align the corporate governance practices of its Audit Committee
with those of U.S. domestic companies under Nasdaq Marketplace
Rules. Further information regarding the going concern statement
and the Company's audit committee can be found in the Company's
Annual Report on Form 20-F for the year ended December 31, 2006, as
filed with the Securities and Exchange Commission on July 16, 2007.
About PSi Technologies PSi Technologies is a focused independent
semiconductor assembly and test service provider to the power
semiconductor market. The Company provides comprehensive package
design, assembly and test services for power semiconductors used in
telecommunications and networking systems, computers and computer
peripherals, consumer electronics, electronic office equipment,
automotive systems and industrial products. Their customers include
most of the major power semiconductor manufacturers in the world
such as Infineon Technologies, ON Semiconductor, Philips
Semiconductor, and ST Microelectronics. For more information, visit
the Company's web site at http://www.psitechnologies.com/ or call:
Safe Harbor Statement This press release contains forward-looking
statements that involve risks and uncertainties. Actual results and
outcomes may differ materially. Factors that might cause a
difference include, but are not limited to, those relating to the
pace of development and market acceptance of PSi's products and the
power semiconductor market generally, commercialization and
technological delays or difficulties, the impact of competitive
products and technologies, competitive pricing pressures,
manufacturing risks, the possibility of our products infringing
patents and other intellectual property of third parties, product
defects, costs of product development, manufacturing and government
regulation, risks inherent in emerging markets, including but not
limited to, currency volatility and depreciation, restricted access
to financing and political and social unrest and the possibility
that the initiatives described herein may not produce the intended
results. PSi undertakes no responsibility to update these
forward-looking statements to reflect events or circumstances after
the date hereof. More detailed information about potential factors
that could affect PSi's financial results is included in the
documents PSi files from time to time with the Securities and
Exchange Commission. At PSi Technologies Holdings, Inc.: Francis
Suarez (63 2) 838 4872 At Financial Relations Board: Lasse Glassen
(310) 854 8313 DATASOURCE: PSi Technologies Holdings, Inc. CONTACT:
Francis Suarez of PSi Technologies Holdings, Inc., (63 2) 838 4872,
; or Lasse Glassen of Financial Relations Board, +1-310-854-8313, ,
for PSi Technologies Web site: http://www.psitechnologies.com/
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